Step 1: Concept
According to Graham's Law of Effusion, the velocity ($v$) of a gas is inversely proportional to the square root of its molar mass ($M$): $v \propto \frac{1}{\sqrt{M}}$.
Step 2: Meaning
Molar mass of $H_2 = 2$ g/mol. Molar mass of $O_2 = 32$ g/mol.
Step 3: Analysis
The ratio is calculated as:
$$\frac{v_{H2}}{v_{O2}} = \sqrt{\frac{M_{O2}}{M_{H2}}} = \sqrt{\frac{32}{2}} = \sqrt{16} = 4$$
This results in a ratio of 4:1.
Step 4: Conclusion
Since Hydrogen is much lighter, it moves faster than Oxygen. The ratio of their velocities is 4:1.
Final Answer: (B)